Furthermore, direct flights between Hungary and South Korea could further boost economic ties, said Varga, who was in Seoul for the second meeting of the Hungary-Korea mixed economic committee on Feb. 25.

At talks with Joo Hyung-hwan, the trade and industry minister, he discussed setting up direct flights between the two countries.

Seoul and Budapest concluded an aviation agreement last May. About 80,000 tonnes of air cargo is transported between the two countries each year.

Varga named tourism as one of the key areas for closer cooperation. According to his ministry’s figures, the number of Korean tourists reached 120,000 last year.

“Korean enterprises have invested about 2.2 billion US dollars in our country at the moment, and we are aiming to encourage more investment by offering more favorable conditions, such as offering loans of up to 500 million dollars,” Varga said.

The next mixed economic committee session is scheduled to be held in Budapest in 2017.